Scalp Notes: Bottom Line: Still likely to see a run-up into 1.5585 to satisfy a 50% retracement of the entire 2013 range- Breech and close above this would be bullish. Strong GDP data has kept the pound afloat but could start to fizzle ahead this key level. Attempting intra-day shorts against this threshold with RSI conviction- Look to Friday's NFP print to charge some volatility as well with the May opening range likely to be very telling as we head into next week. The 30min RSI signature has been constructive since the start of the week, with only a break below the 40-threshold and a move sub 1.5407 green-lighting our bearish bias. Such a scenario eyes a move back into the key support region noted last week at 1.5188-1.5265.

*We will remain flexible with our bias with a break below 1.54 eyeing subsequent support targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.